JP Morgan cut its 2002 EPS estimate on Intel (INTC) due to slumping prices and growing inventories of unused chips. Intel maintains its long term buy.

Cree (CREE) says due to product delays at its UltraRF biz and lower short term LED demand, it now targets $32M-$34M Q3 revenue; with Q4 revenue to increase at least 5% from Q3. CIBC World and S&P cut estimates.

FDA says Corixa's (CRXA) response to its Complete Review letter did not provide sufficient evidence of safety or show a net clinical benefit of Bexxar. Additionhal clinical studies will be required to provide such evidence.

Technitrology (TNL) sees a $0.11-$0.13 Q1 loss from operations, citing weaker than anticipated January and February Pulse revenue, particularly in the telecom area.

Microchip Technology (MCHP) expected Q4 EPS to be at the upper end of the previous range, or about $0.18, and says sales are tracking towards the upper end of earlier $145M guidance. S&P maintains buy.

Lucent Technology (LU) plans to make a private offering of cumulative convertible trust preferred securities; and expects to raise $1.5B through the transaction.

Ikos Systems (IKOS) agreed to be acquired by Mentor Graphics (MENT) for $11.00 per share.

Sports Authority (TSA) posted $0.50 vs. $0.46 Q4 EPS from operations on a 1% same store sales rise. The retailer sees a Q1 same store sales increase in the mid-single-digits, and raised the fiscal 2003 EPS guidance to $0.60.

Tesma International (TSMA) decided not to proceed with a merger transaction with the Magna Steyr group of Magna International Inc.